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Invest In The Surging Buybacks Of American Capital

Another quarter and another major buyback by American Capital, Ltd (ACAS). The company announced
it has now repurchased 61.4M shares since shifting from paying
dividends back in Q3 2011. The total buyback has amounted to $623M over
the last 7 quarters at an average discount to a continuously soaring NAV
of nearly 40%. Nonetheless, the stock continues to trade at a
substantial discount even after demonstrating to the market every
quarter that it has the financial ability to spend that much cash.

American
Capital is a private equity firm and global asset manager. American
Capital, both directly and through its asset management business,
originates, underwrites and manages investments in middle market private
equity, leveraged finance, real estate and structured products.
American Capital manages $18.6 billion of assets, including assets on
its balance sheet and fee earning assets under management by affiliated
managers, with $117 billion of total assets under management (including
levered assets).

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